The trend line looks to be from power law.

However, due to the percolation theory, this trend

line is not realistic for the conductivity at higher concentrations as the power law is strictly
increasing, however, from this theory, at a certain critical concentration of graphite, the
conductivity should not increase very much. At this critical concentration, any excess graphite
particles cannot make any more of a direct, resistanceless route from one end of the pencil lead
to the other, thus, the conductivity should start to increase in a rapidly decreasing rate till the
concentration of graphite reaches 100%.

Extension: Find the conductivity at higher percentages of graphite